STOCK MARKET REVIEW
The Ghana Stock Exchange closed lower for the week amid price increases by six (6) counters.
The GSE Composite Index (GSE-CI) lost 65.90 points (-0.89%) for the week to close at 7,346.69 points, reflecting a year-to-date (YTD) gain of 50.28%.  
The GSE Financial Index (GSE-FI) also declined by 6.65 points (-0.19%) for the week to close at 3,409.46 points, reflecting a year-to-date (YTD) gain of 43.21%.  
Market capitalization slipped by 0.78% to close the week at GH¢149,903.37 million, from GH¢151,079.89 million at the close of the previous week. This reflects a YTD gain of 34.62%. 
The week recorded a total of 13,132,976 shares, valued at GH¢47,364,790.25, compared with 18,706,933 shares valued at GH¢71,627,592.78 that were traded in the preceding week. 
MTNGH dominated both the volume and value of trades, accounting for 89.54% and 96.27% of the volume and value of shares traded, respectively. 
The market closed the week with 6 growers and 4 laggards as indicated below:

 Source: Ghana Stock Exchange

CURRENCY MARKET
The Cedi depreciated against the USD for the week. It traded at GH¢10.9001/$, compared with GH¢10.6500/$ at week open, reflecting w/w loss and YTD appreciation of 2.29% and 34.86% respectively. This compares with a depreciation of 21.49% a year ago.    
The Cedi also peeled back against the GBP. It traded at GH¢14.7581/£, compared with GH¢14.4452/£ at week open, reflecting w/w depreciation and YTD gain of 2.12% and 24.68% respectively. This compares with a depreciation of 24.20% a year ago.
The Cedi again shrunk against the Euro for the second week. It traded at GH¢12.7831/€, compared with GH¢12.4678/€ at week open, reflecting w/w loss and YTD appreciation of 2.47% and 19.02% respectively. This compares with a depreciation of 22.38% a year ago.     
The Cedi’s recent gains recoiled briefly against the Canadian Dollar for the week. It opened at GH¢7.7127/C$ and closed at GH¢7.8798/C$, reflecting w/w loss and YTD gain of 2.12% and 29.58% respectively. This compares with a depreciation of 19.53% a year ago.

 Source: Bank of Ghana

GOVERNMENT SECURITIES MARKET
The government raised a sum of GH¢5,754.56 million for the week across the 91-Day, 182-Day, and 364-Day Treasury Bills. This compares with GH¢2,728.58 million raised in the previous week.       
The 91-Day Bill settled at 10.42% p.a. from 10.14% p.a. last week, whilst the 182-Day Bill settled at 12.39% p.a. from 12.23% p.a. last week. The 364-Day Bill settled at 13.00% p.a. from 13.09% p.a. last week.
The tables below highlight primary market activity at the close of the week.

 Source: Bank of Ghana

Source: www.investing.com

COMMODITY MARKET
Oil prices climbed around 2% as traders anticipated more U.S. sanctions on Russian oil and Ukrainian attacks on Russian energy infrastructure that could disrupt supplies. Brent futures traded at US$67.22 a barrel, compared to US$65.85 at week open, reflecting w/w gain and YTD depreciation of 2.08% and 9.94% respectively.

Gold prices rose as safe-haven demand was buoyed by increased concerns over Federal Reserve independence after President Donald Trump said he was firing Governor Lisa Cook. Gold settled at US$3,418.50, from US$3,382.60 last week, reflecting w/w and YTD appreciations of 1.06% and 29.44% respectively.

The price of Cocoa again slipped for the week. Cocoa traded at US$7,781.00 per tonne on Friday, from US$8,278.00 last week, reflecting w/w and YTD losses of 6.00% and 32.60% respectively. 
International Commodity Prices

Source: www.investing.com

INVESTMENT TERM OF THE WEEK
Oscillator: It is a pivotal tool in technical analysis used to build a trend indicator that fluctuates between high and low extremes. Traders leverage oscillators to detect short-term overbought or oversold asset conditions, aiding in their search for market entry and exit points.
Source:
https://www.investopedia.com/terms/o/oscillator.asp

ABOUT CIDAN
CIDAN Investments Limited is an investment and fund management company licensed by the Securities & Exchange Commission (SEC) and the National Pensions Regulatory Authority (NPRA).

RESEARCH TEAM 
Name: Ernest Tannor
Email: etannor@cidaninvestments.com
Tel: +233 (0) 54 836 7639
Name: Moses Nana Osei-Yeboah
Email: moyeboah@cidaninvestments.com
Tel: +233 (0) 24 499 0069

Name: Julian Sapara-Grant
Email: jsgrant@cidaninvestments.com
Tel:  +233 (0) 20 821 2079

CORPORATE INFORMATION
CIDAN Investments Limited
CIDAN House
House No. 261
Haatso, North Legon – Accra 
Tel: +233 (0) 27 690 0011/ 55 989 9935
Fax: +233 (0)30 254 4351
Email: info@cidaninvestments.com
Website: www.cidaninvestments.com

Disclaimer: The contents of this report have been prepared to provide you with general information only. Information provided in and available from this report does not constitute any investment recommendation.
The information contained herein has been obtained from sources that we believe to be reliable, but its accuracy and completeness are not guaranteed.